California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Principal Financial Acquiring Oakland Tower for More Than $200M
Des Moines, Iowa-based Principal Financial Group is set to acquire 555 12th St., one of Oakland’s largest office buildings. The global institutional investor is reportedly under contract to purchase the 490,000-square-foot tower for more than $200 million from Harvest Properties and equity partner Prudential Real Estate Investors.
Harvest and Prudential acquired the 21-story asset in 2013 for $133.1 million from CBRE Investors. If the Principal Financial deal goes through at more than $400 per square foot, it would represent roughly a 50% return in just three years.
The 90% leased asset is part of the City Center complex, and lists such companies as Ask.com and CRE firms Cushman & Wakefield and CBRE Group Inc. on its tenant roster.
Cushman & Wakefield’s Dane Hooks and John Dolby handle leasing at the LEED Gold Certified building.
- ◦Sale/Acquisition


